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China sells record net 723.8b yuan of forex in August

The central bank has instituted a raft of new policies aimed at discouraging speculation on further yuan depreciation and traders suspect that it also intervened in offshore yuan markets.

PHOTO: BlOOMBERG

Shanghai

CHINA's central bank and commercial banks sold a net 723.8 billion yuan (S$160 billion) of foreign exchange in August, by far the largest on record, highlighting how capital outflows intensified in the wake of the yuan's devaluation last month.